FCA makes new rules

FCA’s latest Handbook Update confirms the following new rules:

  • the Non-Workplace Pensions Instrument, which takes effect from 1 December 2023 and puts in place changes designed to help non-workplace pension savers get better outcomes;
  • the BSPS Consumer Redress Scheme Instrument 2022 which takes effect on 28 February 2023 and the Pension Transfer Redress Instrument which takes effect on 1 April 2023 implementing the scheme that advisers on transfers involving the BSPS must follow and setting the methodology for calculating redress for non-compliant advice that resulted in them transferring out of a DB pension scheme;
  • the FCA Standards Instrument: The Technical Standards (Bilateral Margining) Instrument 2022 which takes effect on 1 January 2023, and amends the technical standard on bilateral margining of derivatives to preserve smooth market functioning;
  • the Collective Investment Schemes (Individually Recognised Overseas Schemes and Miscellaneous Amenements) Instrument 2022 which takes effect on 1 January 2023 and amends the Handbook to reflect changes to the individually recognised schemes regime and other changes resulting from Brexit; and
  • the Handbook Administration (No 62) Instrument 2022 which takes effect partly immediately and partly on 1 April 2023 and makes minor corrections and updates.



Emma Radmore